Getting an SBA Loan for Motor Vehicle Supplies and New Parts Wholesalers

Looking for SBA loans for motor vehicle supplies and new parts wholesalers? Talk to a banker who works with the SBA. This $960,000 motor vehicle supplies and new parts wholesalers loan was issued by a Minnesota bank.

This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with North American Banking Company, out of Roseville, Minnesota. The loan was granted and they received $960,000 to help grow their Blaine, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
BLAINE, MN 55432

SBA Loan Lender

NORTH AMERICAN BANKING COMPANY
1901 OAKCREST AVE
ROSEVILLE, MN 55113

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5511 - Motor Vehicle Dealers

NAICS Code

421120 - Motor Vehicle Supplies and New Parts Wholesalers

Loan Approval Date

4/18/2001

Loan Approval Gross Amount

$960,000

Loan Approval from the SBA

Of the total $960,000 loan amount, the SBA guaranteed $720,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 32 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into North American Banking Company and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

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SBA Approved Banks in Roseville, Minnesota

Minnesota SBA 7A Banks